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HomeMy WebLinkAboutCRA-R-12-0061 09-17-2012 Cover MemoSEOPW Board of Commissioners Meeting September 17, 2012 SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY INTER -OFFICE MEMORANDUM To: Board Chair Michelle Spence -Jones Date: September 5, 2012 File: 12-00877 and Members of the CRA Board From: Clarence E. Woods, III Executive Director C� Subject: SEOPW Bond Resolution Enclosures: Supporting Documentation; Legislation BACKGROUND: It is recommended that the Board of Commissioners of the Southeast Overtown/Park West Community Redevelopment Agency ("CRA") approve and adopt the attached Resolution authorizing the issuance of tax increment revenue bonds to finance or refinance the acquisition and construction of community redevelopment projects in the redevelopment area of such agency; providing for the payment and security thereof; making certain covenants and agreements in connection therewith; providing for and authorizing the issuance of its tax increment revenue bonds, series 2012 in the original aggregate principal amount not to exceed $50,000,000 as the initial series of bonds hereunder for the purpose of financing certain grants to be used for the construction or rehabilitation of affordable housing and financing the construction of other capital improvements in the redevelopment area; providing for severability; and providing an effective date. JUSTIFICATION: The existence of the slum and blighted areas in the Redevelopment Area and the shortage of affordable housing therein directly adversely affect the health, safety and welfare of the citizens and taxpayers therein and in the County. The 2012 Redevelopment Projects are necessary and in the interest of the public health, safety, morals and welfare of the citizens within the Redevelopment Area and the County and in order to carry out such rehabilitation and redevelopment it is necessary and appropriate for the Agency to finance the 2012 Redevelopment Projects. It is necessary and in the best interests of the Agency to undertake or cause to be undertaken, the 2012 Redevelopment Projects and to issue the Series 2012 Bonds to finance the 2012 Redevelopment Projects, directly or through the issuance of grants to for -profit or not -for- profit businesses, to fund reserves for the Series 2012 Bonds and to pay or reimburse the Agency for Costs of the 2012 Redevelopment Projects. The Agency is authorized under the Redevelopment Act to issue the Series 2012 Bonds and the 2012 Redevelopment Projects are undertakings of community redevelopment as described in the Redevelopment Act. The estimated Pledged Revenues will be sufficient to pay the principal of and interest on the Series 2012 Bonds, as the same become due, and all other payments provided for in this Resolution. In addition, the Agency has agreed to make certain payments to the City related to its allocable portion of the debt service on the City 2011 Bonds on a parity status with the Series 2012 Bonds. The Agency has provided notice of its intent to authorize the issuance of the Series 2012 Bond in accordance with Section 163.346, Florida Statutes. The principal of and interest on the Bonds to be issued pursuant to this Resolution shall not be deemed to constitute a general or moral indebtedness or a pledge of the faith and credit of the Agency, the County, the City, the State or any other political subdivision thereof within the meaning of any constitutional, legislative or charter provision or limitation. The Agency has no taxing power. This Resolution carries out these objectives.